Granville Community Calendar

VILLAGE OF GRANVILLE, OHIO1ORDINANCE NO. 30-89BYANORDINANCE PROVIDING FOR THE ISSUANCE OF132,600 OF NOTES BY THE VILLAGE OFGRANVILLE, OHIO, IN ANTICIPATION OF THEISSUANCE OF BONDS, FOR THE PURPOSE OFCONSTRUCTING IMPROVEMENTS TO THE MUNICIPALWATER SYSTEM, AND DECLARING AN EMERGENCY.WHEREAS, the fiscal officer of this municipality hasheretofore estimated that the life of the project hereinafterdescribed is at least five (5) years, and certified that themaximum maturity of the bonds issued therefor is forty (40)years, and of the notes to be issued in anticipation thereof istwenty (20) years, if sold publicly; otherwise, one (1) year;andNOW, THEREFORE, BE IT ORDAINED by the Council ofGranville (hereinafter called the "Municipality"C)o,unty ofLicking; Ohio:SECTION 1. That it is necessary to issue bonds of theMunicipality in the principal amount of $132, 600 for thepurpose of constructing improvements to the municipal watersystem. Said bonds shall be dated approximately September 1,1990, shall bear interest at the rate of approximately eightper centum (8%)per annum and shall mature in substantiallyequal annual or semiannual installments over a period notexceeding forty (40) years after their issuance.SECTION 2. That it is hereby determined that noteshereinafter called the "Notes")in the principal amount of132, 600 shall be issued in anticipation of the issuance ofsaid bonds.SECTION 3. That the Notes shall be dated September14, 1989, shall bear interest at a rate not in excess of six andforty-nine one hundreths per centum (6. 49 per annum, payable atmaturity, shall mature on September 14, 1990, and shall be ofsuch number and denomination as may be requested by thepurchaser.SECTION 4.manager and directorThat the Notes shall be executed by theof finance or other official as may beduly authorized by lawl and shall bear the seal of theOrdinance No. 30-89Page 2corporation. The Notes shall be designated "Water SystemImprovement Bond Anticipation Notes",and shall be payable atsuch bank or trust company that is a correspondent of any legaldepository of the Municipality approved by the manager, andshall express upon their faces the purpose for which they areissued and that they are issued in pursuance of this ordinance.SECTION 5. That the Notes shall be first offered tothe officer in charge of the bond retirement fund of theMunicipality and if not taken by said officer shall be sold toSeasongood and Mayer, Cincinnati, Ohio, in accordance with itsagreement to purchase the Notes, and the proceeds from suchsale, except any premium or accrued interest thereon, shall bepaid into the proper fund and used for the purpose aforesaidand for no other purpose.SECTION 6. That the Notes shall be the full generalobligations of the Municipality, and the full faith, credit andrevenue of the Municipality are hereby pledged for the promptpayment of the same. The par value received from the sale ofbonds anticipated by the Notes, and any excess fund resultingfrom the issue of the Notes, shall to the extent- necessary beused only for the retirement of the Notes at maturity, togetherwith interest thereon and is hereby pledged for such purpose.SECTION 7. That during the period while the Notes runthere shall be levied upon all of the taxable property in theMunicipality within applicable limitations, in addition to allother taxes, a direct tax annually, not less than that whichwould have been levied if bonds had been issued without theprior issue of the Notes; said tax shall be and is herebyordered computed, certified, levied and extended upon the taxduplicate and collected by the same officers in the same mannerand at the same time that taxes for general purposes for eachof said years are certified, extended and collected. Said taxshall be placed before and in preference to all other items andfor the full amount thereof.The funds derived from said tax levy hereby requiredshall be placed in a separate and distinct fund and, togetherwith interest collected on the same, shall be irrevocablypledged for the payment of the principal and interest of theNotes, or the bonds in anticipation of which they are issued,when and as the same fall due.SECTION 8. That this council, for and on behalf ofthe Municipality, hereby covenants that it will restrict theuse of the proceeds of the Notes hereby authorized in suchmanner and to such extent, if any, and take such other actionsas may be necessary, after taking into account reasonableOrdinance No. 30-89Page 3expectations at the time the debt is incurred, so that theywill not constitute obligations the interest on which issubject to federal income taxation or "arbitrage bonds" underSections 103( b)(2) and 148 of the Internal Revenue Code of1986, as amended (the "Code"an)d, the regulations prescribedthereunder. The director of finance or any other officerhaving responsibility with respect to the issuance of the Notesis authorized and directed to give an appropriate certificateon behalf of the Municipality, on the date of delivery of theNotes for inclusion in the transcript of proceedings, settingforth the facts, estimates and circumstances and reasonableexpectations pertaining to the use of the proceeds thereof andthe provisions of said Sections 103(b)(2) and 148 andregulations thereunder.These Notes are hereby designated "qualifiedtax-exempt obligations" for the purposes set forth in Section265(b)(3) of the Internal Revenue Code of 1986, as amended.The council of the Municipality does not anticipate issuingmore than $10, 000, 000 of "qualified tax-exempt obligations"during calendar year 1989.SECTION 9. That the clerk of council is herebydirected to forward a certified copy of this ordinance to thecounty auditor.SECTION 10. That it is found and determined that allformal actions of this council concerning and relating to theadoption of this ordinance were adopted in an open meeting ofthis council, and that all deliberations of this council and ofany of its committees that resulted in such formal action, werein meetings open to the public, in compliance with all legalrequirements including Section 121. 22 of the Ohio Revised Code.SECTION 11. That this ordinance is hereby declared tobe an emergency measure under Section 3. 05 of the Charter forthe reason that the public peace, health, safety and welfare ofthe inhabitants of the Municipality require the immediateissuance of the Notes to provide for the orderly financing ofthe project to which the Notes relate, and shall take effectimmediately upon its adoption.ADOPTED September 6 , 1989.ttest:Clerk'of Council141 944,Mayor41/I, Catherine M. Miller, Clerk of Council of the Village of Granville, Licking County, Ohio,do hereby certify that the foregoing ordinance is a true and exact copy of Ordinance No.30-89 passed by Village Council at their regular meeting of September 6, 1989.4